Annual Earnings Total $201 Million or $2.96 per Share
TULSA, Okla.--(BUSINESS WIRE)--
BOK Financial Corporation (NASDAQ:BOKF) reported net income for
the fourth quarter of 2009 of $42.8 million or $0.63 per diluted share
compared to $50.7 million or $0.75 per diluted share for the third
quarter of 2009 and $35.4 million, or $0.52 per diluted share for the
fourth quarter of 2008.
Net income for 2009 totaled $200.6 million or $2.96 per diluted share
compared to $153.2 million or $2.27 per diluted share for 2008.
"BOK Financial continued to produce solid earnings in 2009 despite
economic challenges," said President and CEO Stan Lybarger. "We remained
committed to a strategy of diversified revenue sources, well-managed
operating expenses and controlled growth that focuses on long-term
shareholder value. Our capital base which was built on retained
earnings, not government assistance, has us well positioned for the
future."
Highlights of fourth quarter of 2009 included:
-- Net interest revenue totaled $184.5 million, up $4.0 million over the
third quarter of 2009. Net interest margin was 3.64% for the fourth
quarter of 2009 and 3.63% for the third quarter of 2009.
-- Fees and commissions revenue totaled $115.9 million, down $4.0 million
from the previous quarter due primarily to a $4.7 million decrease in
brokerage and trading revenue.
-- Operating expenses, excluding changes in the fair value of mortgage
servicing rights, totaled $181.7 million, up $6.0 million from the prior
quarter. Mortgage banking costs, occupancy costs and net losses and
expenses of repossessed assets increased over the prior quarter.
Personnel expenses decreased due to lower incentive compensation
expense.
-- Combined reserves for credit losses totaled $306 million or 2.72% of
outstanding loans at December 31, 2009, up from $293 million or 2.52% of
outstanding loans at September 30, 2009. Net loans charged off and
provision for credit losses were $35.0 million and $48.6 million,
respectively for the fourth quarter of 2009.
-- Non-performing assets totaled $484 million or 4.24% of outstanding loans
and repossessed assets at December 31, 2009, down from $490 million or
4.19% of outstanding loans and repossessed assets at September 30, 2009.
Non-accruing loans decreased $43 million and real estate and other
repossessed assets increased $40 million during the fourth quarter.
-- Available for sale securities totaled $8.9 billion at December 31, 2009,
up $513 million since September 30 due to purchases of residential
mortgage-backed securities issued by U.S. government agencies.
Other-than-temporary impairment charges on certain privately-issued
residential mortgage backed securities reduced pre-tax income by $14.5
million during the fourth quarter of 2009.
-- Outstanding loan balances were $11.3 billion at December 31, 2009, down
$332 million since September 30, 2009. All major loan categories
decreased during the fourth quarter largely due to reduced customer
demand and normal repayment trends.
-- Average deposit balances totaled $15.6 billion for the fourth quarter
2009, up $444 million from the third quarter of 2009. Total period end
deposits grew $423 million in the fourth quarter of 2009 to $15.5
billion. Growth in demand and interest-bearing transaction deposits was
partially offset by decreases in higher-costing time deposits.
-- Tangible common equity ratio increased to 7.99% at December 31, 2009,
from 7.78% at September 30, 2009 largely due to retained earnings
growth. The tangible common equity ratio is a non-GAAP measure of
capital strength used by the Company and investors based on
shareholders' equity as defined by generally accepted accounting
principles in the United States of America minus intangible assets and
equity that does not benefit common shareholders such as preferred
equity and equity provided by the U.S. Treasury's Troubled Asset Relief
Program ("TARP") Capital Purchase Program. BOK Financial chose not to
participate in the TARP Capital Purchase Program. The Company's Tier 1
capital ratios as defined by banking regulations were 10.86% at December
31, 2009 and 10.56% at September 30, 2009.
-- The Company paid a cash dividend of $16.5 million or $0.24 per common
share during the fourth quarter of 2009. On January 26, 2010, the board
of directors declared a cash dividend of $0.24 per common share payable
on or about February 26, 2010 to shareholders of record as of February
12, 2010.
Net Interest Revenue
Net interest revenue totaled $184.5 million for the fourth quarter of
2009, up $4.0 million over the third quarter of 2009. Net interest
margin was 3.64% for the fourth quarter of 2009 and 3.63% for the third
quarter of 2009 and 3.57% for the fourth quarter of 2008. The increase
in net interest margin over the previous quarter resulted from improved
loan yields and lower funding costs. The yield on average earning assets
decreased 12 basis points from the previous quarter. Loan yields were up
3 basis points. The increased loan yield partially offset a 34 basis
point decrease in the securities portfolio yield. The cost of
interest-bearing liabilities decreased 15 basis points, including a 20
basis point decrease in the cost of interest-bearing deposits and a 4
basis point decrease in the cost of other borrowed funds.
Average earning assets increased $450 million during the fourth quarter
of 2009, primarily due to an $876 million increase in average
securities, primarily residential mortgage-backed securities issued by
U.S. government agencies. Average outstanding loans decreased $395
million. Average balances in all major loan categories were lower
compared to the previous quarter.
Average deposits increased $444 million during the fourth quarter of
2009. Balances in lower-costing transaction accounts continued to
increase and balances in higher-costing time deposits continued to
decline. Average interest-bearing transaction accounts were up $572
million and average demand deposits were up $274 million. Average time
deposit balances decreased $403 million.
Fees and Commission Revenue
Fees and commissions revenue decreased to $115.9 million for the fourth
quarter of 2009 compared to $120.0 million in the third quarter of 2009
primarily due to a $4.7 million decrease in brokerage and trading
revenue. Securities trading revenue was down $4.3 million from the
previous quarter. All other sources of fees and commissions revenue
remained unchanged from the previous quarter. Mortgage banking revenue
increased $206 thousand due to an increase in loan production volume.
Trust revenue increased $177 thousand due to an increase in the fair
value of trust assets. Deposit service charges and fees decreased $963
thousand due to lower commercial account fees and overdraft fees.
Operating Expenses
Total operating expenses were $176.4 million for the fourth quarter of
2009, down $2.3 million compared to the previous quarter. Excluding
changes in the fair value of mortgage servicing rights, operating
expenses totaled $181.7 million, up $6.0 million over the third quarter
of 2009. Growth in operating expenses was primarily due to mortgage
banking expenses which include losses on loans previously sold with
recourse, operating costs associated with repossessed assets and
occupancy costs. Losses on mortgage loans sold with recourse were up
$3.3 million over the previous quarter. Net operating costs associated
with repossessed properties increased $1.5 million and occupancy costs
increased $1.8 million. Personnel costs were down $4.3 million primarily
due to a $3.0 million reduction in incentive compensation expense. In
addition, operating expenses decreased $8.3 million due to changes in
the fair value of mortgage servicing rights.
Credit Quality
Non-performing assets decreased $5.4 million during the fourth quarter
of 2009 to $484 million or 4.24% of outstanding loans and repossessed
assets at December 31, 2009. Non-performing assets at December 31, 2009
consisted of non-accruing loans of $339 million, renegotiated loans of
$16 million (including $13 million of residential mortgage loans
guaranteed by U.S. government agencies) and $129 million of real estate
and other repossessed assets. Non-accruing loans decreased $43 million
and repossessed assets increased $40 million during the quarter.
Non-accruing loans totaled $339 million or 3.01% of outstanding loans at
December 31, 2009, compared with $383 million or 3.30% of outstanding
loans at September 30, 2009. Approximately $164 million of non-accruing
loans have been charged-down to the amount management expects to
recover. During the fourth quarter of 2009, $63 million of new
non-accruing loans were identified offset by $26 million in charge-offs,
$47 million in foreclosures and repossessions and $28 million in
payments received.
The decrease in non-accruing loans included $21 million from cash and an
equity interest received during the fourth quarter to partially satisfy
bankruptcy claims against SemGroup. Cash received totaled $7 million and
the equity interest was valued at $14 million. BOK Financial continues
to hold a $12 million non-accruing loan to the entity created when
SemGroup exited bankruptcy.
Non-accruing commercial loans totaled $101 million or 1.63% of total
commercial loans at December 31, 2009. At December 31, 2009,
non-accruing commercial loans are primarily composed of $31 million or
1.71% of total services sector loans, $23 million or 1.19% of total
energy sector loans and $16 million or 3.90% of total manufacturing
sector loans. Non-accruing commercial loans decreased $27 million since
September 30, 2009, primarily related to energy sector loans.
Non-accruing commercial real estate loans totaled $205 million or 8.23%
of outstanding commercial real estate loans at December 31, 2009.
Non-accruing commercial real estate loans attributed to our various
markets included $73 million or 32% of total commercial real estate
loans in Arizona, $52 million or 22% of total commercial real estate
loans in Colorado, $31 million or 3.78% of total commercial real estate
loans in Oklahoma, $24 million or 3.26% of total commercial real estate
loans in Texas and $12 million or 9.06% of commercial real estate loans
in Arkansas. Total non-accruing commercial real estate loans decreased
$7.5 million since September 30, 2009. Newly identified non-accruing
commercial real estate loans totaled $46 million, partially offset by
$27 million of foreclosures, $15 million of cash payments received and
$12 million of charge-offs.
Non-accruing residential mortgage loans totaled $30 million or 1.67% of
outstanding residential mortgage loans at December 31, 2009. The
distribution of non-accruing residential mortgage loans among our
various markets included $15 million or 1.22% of residential mortgage
loans in Oklahoma, $9 million or 2.87% of residential mortgage loans in
Texas and $3 million or 4.61% of residential mortgage loans in Arizona.
Non-accruing residential mortgage loans decreased $8.2 million compared
to September 30, 2009. Residential mortgage loans past due 30 to 90 days
totaled $20 million, unchanged from September 30, 2009.
The combined allowance for credit losses totaled $306 million or 2.72%
of outstanding loans and 90% of non-accruing loans at December 31, 2009.
The allowance for loan losses was $292 million and the reserve for
off-balance sheet credit losses was $14 million. During the fourth
quarter of 2009, the Company recognized a $48.6 million provision for
credit losses. Net losses charged against the allowance for loan losses
totaled $35.0 million or 1.22% annualized of average outstanding loans.
For the full year 2009, the Company recognized a $196 million provision
for credit losses. Net losses charged against the allowance for loan
losses totaled $138 million or 1.14% of average loans.
Real estate and other repossessed assets totaled $129 million at
December 31, 2009 consisting of $63 million of 1-4 family residential
properties and residential land development properties, $36 million of
developed commercial real estate properties, $14 million of equity
interest received in partial satisfaction of debts, $8 million of
undeveloped land, $5 million of equipment and $2 million of automobiles.
The distribution of real estate owned and other repossessed assets among
various markets included $52 million in Arizona, $23 million in Texas,
$10 million in Colorado, $9 million in New Mexico, $23 million in
Oklahoma, $6 million in Kansas City and $6 million in Arkansas. Real
estate and other repossessed assets increased by $40 million during the
fourth quarter due to additions of $53 million partially offset by $7
million in sales and $6 million in write-downs based on updated
appraisals.
The Company also has off-balance sheet obligations related to certain
community development residential mortgage loans sold to U.S. government
agencies with recourse. These mortgage loans were underwritten to
standards approved by the agencies, including full documentation and
originated under programs available only for owner-occupied properties.
The outstanding principal balance of these loans totaled $331 million at
December 31, 2009. The loans are primarily to borrowers in our primary
market areas, including $233 million in Oklahoma, $36 million in
Arkansas, $19 million in New Mexico, $16 million in Kansas City and $15
million in Texas. At December 31, 2009, approximately 5.22% of these
loans are non-performing and 5.55% were past due 30 to 90 days. A
separate reserve for credit risk of $14 million is available for losses
on these loans.
Securities and Derivatives
The fair value of available for sale securities totaled $8.9 billion at
December 31, 2009, up $513 million since September 30, 2009. The
available for sale portfolio consisted primarily of residential
mortgage-backed securities, including $7.8 billion fully backed by U.S.
government agencies and $792 million privately issued by publicly owned
financial institutions. The portfolio does not hold any securities
backed by sub-prime mortgage loans, collateralized debt obligations or
collateralized loan obligations. The Company holds no debt of corporate
issuers.
The Company continued a strategy to increase holdings of residential
mortgage-backed securities during the fourth quarter. This strategy
recognizes attractive spreads over funding costs on these securities.
Credit risk is controlled by investing in securities fully backed by
U.S. government agencies. Interest rate risk is mitigated by investing
in short-duration securities that would have limited extension exposure
from rising interest rates.
The portfolio of available for sale securities had net unrealized gains
of $13 million at December 31, 2009 compared to net unrealized gains of
$31 million at September 30, 2009. Net unrealized gains on residential
mortgage-backed securities issued by U.S. government agencies decreased
$39 million during the fourth quarter to $164 million at December 31,
2009. Net unrealized losses on privately-issued residential
mortgage-backed securities decreased $22 million to $169 million at
December 31, 2009.
The amortized cost of privately-issued mortgage-backed securities
totaled $961 million at December 31, 2009, down $371 million since
September 30 due primarily to cash received. Approximately $589 million
of the privately issued mortgage-backed securities were rated below
investment grade by at least one nationally-recognized rating agency.
The aggregate unrealized losses on privately-issued mortgage-backed
securities rated below investment grade totaled $129 million at December
31, 2009. Aggregate unrealized losses on these same securities were $137
million at September 30, 2009. The Company recognized a $14.5 million
other-than-temporary impairment charge against earnings in the fourth
quarter related to these securities due to further declines in projected
cash flows as a result of worsening trends in delinquencies,
foreclosures and housing prices.
Net realized gains on securities totaled $7.3 million for the fourth
quarter of 2009, compared with $12.3 million for the third quarter of
2009 and $20.2 million for the fourth quarter of 2008.
Three Months Ended
Dec. 31, Sept. 30, Dec. 31,
2009 2009 2008
Net gain on available for sale securities $ 11,717 $ 8,706 $ 5,067
Gain (loss) on mortgage hedge securities (4,440 ) 3,560 15,089
Net gain on securities $ 7,277 $ 12,266 $ 20,156
Gain (loss) on change in fair value of
mortgage servicing rights $ 5,285 $ (2,981 ) $ (26,432 )
The Company recognized $11.7 million of gains on the sale of $776
million of available for sale securities in the fourth quarter of 2009
and $8.7 million of net gains on the sale of $719 million of available
for sale securities in the third quarter of 2009. Securities were sold
either because they had reached their maximum potential total return or
to mitigate extension exposure from rising interest rates.
BOK Financial also maintains a portfolio of residential mortgage-backed
securities issued by U.S. government agencies as an economic hedge
against changes in the fair value of mortgage servicing rights. The fair
value of mortgage servicing rights increased $5.3 million and the fair
value of mortgage hedge securities decreased $4.4 million during the
fourth quarter of 2009.
The Company has a portfolio of derivative contracts held for customer
risk management programs and internal interest rate risk management
programs. At December 31, 2009, the fair value of all asset contracts
totaled $344 million, net of cash margin held by the Company. The
largest net amount due from a single counterparty, a subsidiary of an
international energy company, to these contracts at December 31 was $84
million. Letters of credit issued by independent financial institutions
offset $70 million of this amount.
Loans, Deposits and Capital
Outstanding loans at December 31, 2009 were $11.3 billion, down $332
million from September 30, 2009. Loan balances were lower across most
sectors of the loan portfolio and markets due to reduced customer demand
in response to current economic conditions and normal repayment trends.
Commercial loans decreased $162 million from September 30, 2009,
primarily due to a $182 million decrease in energy sector loans and a
$39 million decrease in manufacturing sector loans, offset by a $47
million increase in healthcare sector loans and $39 million increase in
service sector loans. Commercial real estate loans decreased $69 million
compared to the prior quarter, primarily due to a $90 million decrease
in residential construction and land development loans and a $25 million
decrease in loans secured by office buildings, offset by a $21 million
increase in loans secured by multifamily properties and a $19 million
increase in loans secured by industrial properties. Residential mortgage
loans decreased $36 million from the prior quarter primarily due to a
$45 million decrease in permanent mortgage loans offset by a $9 million
increase in home equity loans. Consumer loans decreased $65 million
compared to the prior quarter primarily due to a $62 million decrease in
indirect automobile loans related to the previously announced decision
to curtail that business during the first quarter of 2009 in favor of a
customer-focused direct approach to consumer lending.
Total deposits increased $423 million during the third quarter and
totaled $15.5 billion at December 31, 2009. Demand and interest-bearing
deposits increased $192 million and $550 million, respectively, offset
by a $317 million decrease in time deposit balances. The Company
continued to decrease brokered deposits and other higher cost
certificates of deposit. Among the lines of business, wealth management
and consumer deposits increased $566 million and $64 million,
respectively, offset by a $93 million decrease in commercial deposits.
The Company and each of its subsidiary banks exceeded the regulatory
definition of well capitalized at December 31, 2009. The Company's Tier
1 and total capital ratios were 10.86% and 14.43%, respectively, at
December 31, 2009. The Company's Tier 1 and total capital ratios were
10.56% and 14.10%, respectively, at September 30, 2009. In addition the
Company's tangible common equity ratio, a non-GAAP measure, was 7.99% at
December 31, 2009 and 7.78% at September 30, 2009. The increase in
capital ratios was primarily due to retained earnings growth.
About BOK Financial Corporation
BOK Financial is a regional financial services company that provides
commercial and consumer banking, investment and trust services, mortgage
origination and servicing, and an electronic funds transfer network.
Holdings include Bank of Albuquerque, N.A., Bank of Arizona, N.A., Bank
of Arkansas, N.A., Bank of Oklahoma, N.A., Bank of Texas, N.A., Colorado
State Bank & Trust, N.A., Bank of Kansas City, N.A., BOSC, Inc., Cavanal
Hill Investment Management, Inc., the TransFund electronic funds
network, and Southwest Trust Company, N.A. Shares of BOK Financial are
traded on the NASDAQ under the symbol BOKF. For more information, visit www.bokf.com.
The Company will continue to evaluate critical assumptions and
estimates, such as the adequacy of the allowance for credit losses and
asset impairment as of December 31, 2009 through the date its financial
statements are filed with the Securities and Exchange Commission and
will adjust amounts reported if necessary.
This news release contains forward-looking statements that are based on
management's beliefs, assumptions, current expectations, estimates and
projections about BOK Financial, the financial services industry and the
economy generally. Words such as "anticipates," "believes," "estimates,"
"expects," "forecasts," "plans," "projects," variations of such words
and similar expressions are intended to identify such forward-looking
statements. Management judgments relating to and discussion of the
provision and allowance for credit losses involve judgments as to future
events and are inherently forward-looking statements. Assessments that
BOK Financial's acquisitions and other growth endeavors will be
profitable are necessary statements of belief as to the outcome of
future events based in part on information provided by others which BOK
Financial has not independently verified. These statements are not
guarantees of future performance and involve certain risks,
uncertainties, and assumptions which are difficult to predict with
regard to timing, extent, likelihood and degree of occurrence.
Therefore, actual results and outcomes may materially differ from what
is expected, implied or forecasted in such forward-looking statements.
Internal and external factors that might cause such a difference
include, but are not limited to (1) the ability to fully realize
expected cost savings from mergers within the expected time frames, (2)
the ability of other companies on which BOK Financial relies to provide
goods and services in a timely and accurate manner, (3) changes in
interest rates and interest rate relationships, (4) demand for products
and services, (5) the degree of competition by traditional and
nontraditional competitors, (6) changes in banking regulations, tax
laws, prices, levies and assessments, (7) the impact of technological
advances and (8) trends in consumer behavior as well as their ability to
repay loans. BOK Financial and its affiliates undertake no obligation to
update, amend or clarify forward-looking statements, whether as a result
of new information, future events, or otherwise.
BALANCE SHEETS
BOK FINANCIAL CORPORATION
(In thousands)
Period Ended
December 31, September 30, December 31,
2009 2009 2008
(Unaudited) (Unaudited)
ASSETS
Cash and due from banks $ 875,250 $ 1,383,244 $ 581,133
Trading securities 65,354 100,898 99,601
Funds sold and resell agreements 45,966 39,465 113,809
Securities:
Available for sale 8,872,023 8,358,562 6,391,451
Investment 240,405 238,101 242,344
Mortgage trading securities 285,950 320,971 399,211
Total securities 9,398,378 8,917,634 7,033,006
Residential mortgage loans held 217,826 172,301 129,246
for sale
Loans:
Commercial 6,207,840 6,370,056 7,411,603
Commercial real estate 2,491,434 2,560,335 2,701,248
Residential mortgage 1,793,622 1,829,824 1,752,574
Consumer 786,802 851,349 1,010,581
Total loans 11,279,698 11,611,564 12,876,006
Less reserve for loan losses (292,095 ) (280,902 ) (233,236 )
Loans, net of reserve 10,987,603 11,330,662 12,642,770
Premises and equipment, net 280,260 286,702 277,458
Accrued revenue receivable 108,822 68,617 96,673
Intangible assets, net 354,239 356,152 361,209
Mortgage servicing rights, net 73,824 66,689 42,752
Real estate and other 129,034 89,507 29,179
repossessed assets
Bankers' acceptances 3,869 9,882 12,913
Derivative contracts 343,782 397,110 452,604
Cash surrender value of 247,357 244,456 237,006
bank-owned life insurance
Receivable on unsettled - - 239,474
securities trades
Other assets 385,267 413,522 385,815
TOTAL ASSETS $ 23,516,831 $ 23,876,841 $ 22,734,648
LIABILITIES AND EQUITY
Deposits:
Demand $ 3,653,844 $ 3,462,188 $ 3,082,379
Interest-bearing transaction 7,930,439 7,380,449 6,562,350
Savings 165,952 167,896 154,635
Time 3,767,993 4,084,813 5,183,243
Total deposits 15,518,228 15,095,346 14,982,607
Funds purchased and repurchase 2,471,743 2,198,900 3,025,399
agreements
Other borrowings 2,133,357 3,189,948 1,522,054
Subordinated debentures 398,539 398,502 398,407
Accrued interest, taxes, and 111,880 123,409 133,220
expense
Bankers' acceptances 3,869 9,882 12,913
Due on unsettled securities 212,335 133,974 -
trades
Derivative contracts 308,360 395,197 667,034
Other liabilities 133,146 127,689 132,902
TOTAL LIABILITIES 21,291,457 21,672,847 20,874,536
Shareholders' equity:
Capital, surplus and retained 2,216,553 2,185,776 2,069,143
earnings
Accumulated other comprehensive (10,740 ) (763 ) (222,886 )
loss
TOTAL SHAREHOLDERS' EQUITY 2,205,813 2,185,013 1,846,257
Non-controlling interest 19,561 18,981 13,855
TOTAL EQUITY 2,225,374 2,203,994 1,860,112
TOTAL LIABILITIES AND EQUITY $ 23,516,831 $ 23,876,841 $ 22,734,648
AVERAGE BALANCE SHEETS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
December 31, September June 30, March 31, December 31,
30,
2009 2009 2009 2009 2008
ASSETS
Trading $ 68,027 $ 64,763 $ 112,960 $ 111,962 $ 78,840
securities
Funds sold and
resell 30,358 67,032 29,277 50,701 48,246
agreements
Securities:
Available for 8,583,032 7,782,254 7,242,931 6,645,086 6,409,906
sale
Investment 238,479 235,967 271,068 238,562 242,503
Mortgage trading 340,456 267,591 365,434 453,304 237,319
securities
Total securities 9,161,967 8,285,812 7,879,433 7,336,952 6,889,728
Residential
mortgage loans 194,760 176,403 286,077 201,135 121,184
held for sale
Loans:
Commercial 6,325,580 6,521,438 6,901,057 7,182,481 7,452,799
Commercial real 2,538,737 2,621,176 2,684,020 2,762,789 2,716,465
estate
Residential 1,827,339 1,873,457 1,884,023 1,841,006 1,641,023
mortgage
Consumer 801,040 871,347 933,950 998,489 1,016,409
Total loans 11,492,696 11,887,418 12,403,050 12,784,765 12,826,696
Less allowance (298,157 ) (281,289 ) (273,335 ) (252,734 ) (209,319 )
for loan losses
Total loans, net 11,194,539 11,606,129 12,129,715 12,532,031 12,617,377
Total earning 20,649,651 20,200,139 20,437,462 20,232,781 19,755,374
assets
Cash and due 1,095,087 828,965 638,791 661,433 534,039
from banks
Cash surrender
value of 245,460 242,715 240,199 237,805 235,195
bank-owned life
insurance
Derivative 352,143 401,887 493,448 476,091 352,083
contracts
Other assets 1,353,393 1,376,828 1,264,131 1,335,259 1,394,960
TOTAL ASSETS $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651
LIABILITIES AND
EQUITY
Deposits:
Demand $ 3,666,663 $ 3,392,578 $ 3,183,338 $ 2,864,751 $ 2,712,384
Interest-bearing 7,734,678 7,162,477 6,854,003 6,610,805 6,116,465
transaction
Savings 167,572 167,677 167,813 159,537 155,784
Time 4,002,337 4,404,854 5,123,947 5,215,091 5,109,303
Total deposits 15,571,250 15,127,586 15,329,101 14,850,184 14,093,936
Funds purchased
and repurchase 2,173,476 2,284,985 2,316,990 2,562,066 3,095,054
agreements
Other borrowings 2,380,938 2,173,103 1,951,699 2,158,963 1,986,857
Subordinated 398,522 398,484 398,456 398,425 398,392
debentures
Derivative 318,809 392,277 536,232 641,974 494,778
contracts
Other 605,994 539,129 534,889 416,242 293,752
liabilities
TOTAL 21,448,989 20,915,564 21,067,367 21,027,854 20,362,769
LIABILITIES
Total equity 2,246,745 2,134,970 2,006,664 1,915,515 1,908,882
TOTAL
LIABILITIES AND $ 23,695,734 $ 23,050,534 $ 23,074,031 $ 22,943,369 $ 22,271,651
EQUITY
STATEMENTS OF EARNINGS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except per share data)
Quarter Ended Year Ended
December 31, December 31,
2009 2008 2009 2008
Interest revenue $ 224,411 $ 262,160 $ 914,569 $ 1,061,645
Interest expense 39,933 85,713 204,205 414,783
Net interest revenue 184,478 176,447 710,364 646,862
Provision for credit losses 48,620 73,001 195,900 202,593
Net interest revenue after 135,858 103,446 514,464 444,269
provision for credit losses
Other operating revenue
Brokerage and trading 20,240 23,507 91,677 42,804
revenue
Transaction card revenue 26,292 25,177 105,517 100,153
Trust fees and commissions 16,492 17,143 66,177 78,979
Deposit service charges and 29,501 29,239 115,791 117,528
fees
Mortgage banking revenue 13,403 7,217 64,980 30,599
Bank-owned life insurance 2,870 2,682 10,239 10,681
Margin asset fees 50 187 236 8,548
Other revenue 7,101 5,778 25,895 25,902
Total fees and commissions 115,949 110,930 480,512 415,194
Gain (loss) on other assets (205) (7,420) 4,134 (9,406)
Gain (loss) on derivatives, (370) (2,219) (3,365) 1,299
net
Gain (loss) on securities, 7,277 20,156 46,122 26,943
net
Total other-than-temporary (67,390) - (129,154) (5,306)
impairment losses
Portion of loss recognized
in other comprehensive (52,902) - (94,741) -
income
Net impairment losses (14,488) - (34,413) (5,306)
recognized in earnings
Total other operating 108,163 121,447 492,990 428,724
revenue
Other operating expense
Personnel 93,687 87,695 380,517 352,947
Business promotion 5,758 7,283 19,582 23,536
Professional fees and 8,813 7,923 30,243 27,045
services
Net occupancy and equipment 17,600 14,901 65,715 60,632
Insurance 6,412 3,216 24,040 11,988
FDIC special assessment - - 11,773 -
Data processing and 21,121 19,720 81,292 78,047
communications
Printing, postage and 3,601 3,823 15,960 16,433
supplies
Net (gains) losses and
operating expenses of 5,101 1,006 11,400 1,019
repossessed assets
Amortization of intangible 1,912 1,967 6,970 7,661
assets
Mortgage banking costs 11,436 4,967 36,304 22,513
Change in fair value of (5,285) 26,432 (12,124) 34,515
mortgage servicing rights
Visa retrospective - (1,700) - (2,767)
responsibility obligation
Other expense 6,281 8,209 25,061 28,835
Total other operating 176,437 185,442 696,733 662,404
expense
Net income before taxes 67,584 39,451 310,721 210,589
Federal and state income 24,780 10,363 106,705 64,909
taxes
Net income before 42,804 29,088 204,016 145,680
non-controlling interest
Net income (loss)
attributable to 33 (6,355) 3,438 (7,552)
non-controlling interest
Net income attributable to $ 42,771 $ 35,443 $ 200,578 $ 153,232
BOK Financial Corporation
Average shares outstanding:
Basic 67,446,326 67,294,069 67,375,387 67,302,990
Diluted 67,600,344 67,456,267 67,487,944 67,461,361
Net income per share:
Basic $ 0.63 $ 0.53 $ 2.96 $ 2.27
Diluted $ 0.63 $ 0.52 $ 2.96 $ 2.27
FINANCIAL HIGHLIGHTS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and share data)
Quarter Ended
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
Capital:
Period-end
shareholders' $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
equity
Risk weighted $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051
assets
Risk-based
capital ratios:
Tier 1 10.86 % 10.56 % 9.86 % 9.66 % 9.40 %
Total capital 14.43 % 14.10 % 13.34 % 13.08 % 12.81 %
Leverage ratio 8.05 % 8.16 % 7.97 % 7.85 % 7.89 %
Tangible common
equity ratio 7.99 % 7.78 % 7.55 % 6.84 % 6.64 %
(A)
Tier 1 common
equity ratio 10.75 % 10.45 % 9.77 % 9.58 % 9.32 %
(B)
Common stock:
Book value per $ 32.53 $ 32.27 $ 30.30 $ 28.57 $ 27.36
share
Market value
per share:
High $ 47.91 $ 48.10 $ 43.02 $ 40.71 $ 54.42
Low $ 41.87 $ 34.81 $ 34.46 $ 22.95 $ 38.40
Cash dividends $ 16,461 $ 16,280 $ 16,184 $ 15,027 $ 15,358
paid
Dividend payout 38.49 % 32.14 % 31.05 % 27.31 % 43.33 %
ratio
Shares
outstanding, 67,802,807 67,707,547 67,674,442 67,589,045 67,473,086
net
Stock buy-back
program:
Shares - - - - -
repurchased
Amount $ - $ - $ - $ - $ -
Average price $ - $ - $ - $ - $ -
per share
Performance
ratios (quarter
annualized):
Return on 0.72 % 0.87 % 0.91 % 0.97 % 0.63 %
average assets
Return on 7.55 % 9.41 % 10.42 % 11.65 % 7.39 %
average equity
Net interest 3.64 % 3.63 % 3.55 % 3.47 % 3.57 %
margin
Efficiency 60.02 % 58.09 % 61.02 % 57.10 % 54.94 %
ratio
Other data:
Gain (loss) on
economic hedge
of mortgage $ (4,440 ) $ 3,560 $ (10,199 ) $ (2,118 ) $ 15,089
servicing
rights
Trust assets $ 30,385,365 $ 29,945,585 $ 29,288,041 $ 28,700,791 $ 30,454,512
Mortgage
servicing $ 6,603,132 $ 6,339,764 $ 6,082,501 $ 5,515,893 $ 5,256,159
portfolio
Mortgage loan
fundings during $ 560,254 $ 536,173 $ 1,023,272 $ 708,561 $ 214,521
the quarter
Mortgage loan
refinances to 47.00 % 49.00 % 71.00 % 73.51 % 34.84 %
total fundings
Tax equivalent $ 2,196 $ 1,982 $ 1,791 $ 2,105 $ 2,063
adjustment
Unrealized gain
(loss) on $ 13,226 $ 30,898 $ (128,492 ) $ (261,856 ) $ (330,973 )
available for
sale securities
(A) Tangible
common equity
ratio is a
non-GAAP
measure.
Reconciliation
to a GAAP
financial
measure
follows:
Total
shareholders' $ 2,205,813 $ 2,185,013 $ 2,050,572 $ 1,931,300 $ 1,846,257
equity
Less:
intangible (354,239 ) (356,152 ) (357,838 ) (359,523 ) (361,209 )
assets, net
Tangible common $ 1,851,574 $ 1,828,861 $ 1,692,734 $ 1,571,777 $ 1,485,048
equity
Total assets $ 23,516,831 $ 23,876,841 $ 22,768,319 $ 23,333,442 $ 22,734,648
Less:
intangible (354,239 ) (356,152 ) (357,838 ) (359,523 ) (361,209 )
assets, net
$ 23,162,592 $ 23,520,689 $ 22,410,481 $ 22,973,919 $ 22,373,439
Tangible common 7.99 % 7.78 % 7.55 % 6.84 % 6.64 %
equity ratio
(B) Tier 1
common equity
ratio is a
non-GAAP
measure.
Reconciliation
to a GAAP
financial
measure
follows:
Tier 1 capital $ 1,876,778 $ 1,849,254 $ 1,807,705 $ 1,773,576 $ 1,728,926
Less:
non-controlling (19,561 ) (18,981 ) (15,590 ) (14,751 ) (13,855 )
interest
Tier 1 common $ 1,857,217 $ 1,830,273 $ 1,792,115 $ 1,758,825 $ 1,715,071
equity
Risk weighted $ 17,275,808 $ 17,515,147 $ 18,338,540 $ 18,355,862 $ 18,401,051
assets
Tier 1 common 10.75 % 10.45 % 9.77 % 9.58 % 9.32 %
equity ratio
QUARTERLY EARNINGS TRENDS - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands, except ratio and per share data)
Quarter Ended
December 31, September 30, June 30, March 31, December 31,
2009 2009 2009 2009 2008
Interest revenue $ 224,411 $ 226,246 $ 230,685 $ 233,227 $ 262,160
Interest expense 39,933 45,785 55,105 63,382 85,713
Net interest revenue 184,478 180,461 175,580 169,845 176,447
Provision for credit 48,620 55,120 47,120 45,040 73,001
losses
Net interest revenue
after provision for 135,858 125,341 128,460 124,805 103,446
credit losses
Other operating
revenue
Brokerage and 20,240 24,944 21,794 24,699 23,507
trading revenue
Transaction card 26,292 26,264 27,533 25,428 25,177
revenue
Trust fees and 16,492 16,315 16,860 16,510 17,143
commissions
Deposit service 29,501 30,464 28,421 27,405 29,239
charges and fees
Mortgage banking 13,403 13,197 19,882 18,498 7,217
revenue
Bank-owned life 2,870 2,634 2,418 2,317 2,682
insurance
Margin asset fees 50 51 68 67 187
Other revenue 7,101 6,087 6,124 6,583 5,778
Total fees and 115,949 119,956 123,100 121,507 110,930
commissions
Gain (loss) on other (205 ) 3,223 973 143 (7,420 )
assets
Gain (loss) on (370 ) (294 ) (1,037 ) (1,664 ) (2,219 )
derivatives, net
Gain (loss) on 7,277 12,266 6,471 20,108 20,156
securities, net
Total
other-than-temporary (67,390 ) (6,133 ) (1,263 ) (54,368 ) -
impairment losses
Portion of loss
recognized in other (52,902 ) (2,752 ) 279 (39,366 ) -
comprehensive income
Net impairment
losses recognized in (14,488 ) (3,381 ) (1,542 ) (15,002 ) -
earnings
Total other 108,163 131,770 127,965 125,092 121,447
operating revenue
Other operating
expense
Personnel 93,687 98,012 96,191 92,627 87,695
Business promotion 5,758 4,827 4,569 4,428 7,283
Professional fees 8,813 7,555 7,363 6,512 7,923
and services
Net occupancy and 17,600 15,884 15,973 16,258 14,901
equipment
Insurance 6,412 6,092 5,898 5,638 3,216
FDIC special - - 11,773 - -
assessment
Data processing and 21,121 20,413 20,452 19,306 19,720
communications
Printing, postage 3,601 3,716 4,072 4,571 3,823
and supplies
Net (gains) losses
and operating 5,101 3,497 996 1,806 1,006
expenses of
repossessed assets
Amortization of 1,912 1,686 1,686 1,686 1,967
intangible assets
Mortgage banking 11,436 8,065 9,336 7,467 4,967
costs
Change in fair value
of mortgage (5,285 ) 2,981 (7,865 ) (1,955 ) 26,432
servicing rights
Visa retrospective
responsibility - - - - (1,700 )
obligation
Other expense 6,281 6,004 5,326 7,450 8,209
Total other 176,437 178,732 175,770 165,794 185,442
operating expense
Net income before 67,584 78,379 80,655 84,103 39,451
taxes
Federal and state 24,780 24,772 28,315 28,838 10,363
income taxes
Net income before
non-controlling 42,804 53,607 52,340 55,265 29,088
interest
Net income (loss)
attributable to 33 2,947 225 233 (6,355 )
non-controlling
interest
Net income
attributable to BOK $ 42,771 $ 50,660 $ 52,115 $ 55,032 $ 35,443
Financial
Corporation
Average shares
outstanding:
Basic 67,446,326 67,392,059 67,344,577 67,315,986 67,294,069
Diluted 67,600,344 67,513,700 67,448,029 67,387,102 67,456,267
Net income per
share:
Basic $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.53
Diluted $ 0.63 $ 0.75 $ 0.77 $ 0.81 $ 0.52
LOANS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
December 31, September June 30, March 31, December 31,
30,
2009 2009 2009 2009 2008
Oklahoma:
Commercial $ 2,649,252 $ 2,738,217 $ 2,918,478 $ 3,119,362 $ 3,356,520
Commercial 820,578 815,362 855,742 881,620 843,576
real estate
Residential 1,228,822 1,245,917 1,249,104 1,234,417 1,196,924
mortgage
Consumer 451,829 483,369 521,431 562,021 579,809
Total 5,150,481 5,282,865 5,544,755 5,797,420 5,976,829
Oklahoma
Texas:
Commercial 2,017,081 2,075,379 2,182,756 2,277,186 2,353,860
Commercial 735,338 734,742 741,199 816,830 825,769
real estate
Residential 313,113 335,797 345,780 337,044 315,438
mortgage
Consumer 170,062 188,374 196,752 214,134 212,820
Total Texas 3,235,594 3,334,292 3,466,487 3,645,194 3,707,887
New Mexico:
Commercial 341,802 344,910 380,378 393,180 418,732
Commercial 305,061 344,988 313,190 315,511 286,574
real estate
Residential 86,415 88,271 90,944 99,805 98,018
mortgage
Consumer 17,473 18,176 18,826 19,900 18,616
Total New 750,751 796,345 803,338 828,396 821,940
Mexico
Arkansas:
Commercial 103,443 99,559 97,676 99,955 103,446
Commercial 132,436 128,984 133,026 133,227 134,015
real estate
Residential 16,849 19,128 19,015 17,145 16,875
mortgage
Consumer 124,265 136,461 152,620 168,971 175,647
Total 376,993 384,132 402,337 419,298 429,983
Arkansas
Colorado:
Commercial 545,724 569,549 595,858 675,223 660,546
Commercial 239,970 249,879 269,923 267,035 261,820
real estate
Residential 66,504 68,667 58,557 59,120 53,875
mortgage
Consumer 17,362 18,272 14,097 14,599 16,141
Total 869,560 906,367 938,435 1,015,977 992,382
Colorado
Arizona:
Commercial 199,143 219,330 215,540 211,953 211,356
Commercial 227,249 257,169 262,607 285,841 319,525
real estate
Residential 65,047 57,304 58,265 61,605 62,123
mortgage
Consumer 3,461 4,826 3,229 5,261 6,075
Total 494,900 538,629 539,641 564,660 599,079
Arizona
Kansas:
Commercial 351,395 323,112 325,165 324,671 307,143
Commercial 30,802 29,211 36,006 32,017 29,969
real estate
Residential 16,872 14,740 12,310 10,814 9,321
mortgage
Consumer 2,350 1,871 1,454 1,469 1,473
Total 401,419 368,934 374,935 368,971 347,906
Kansas
TOTAL BOK $ 11,279,698 $ 11,611,564 $ 12,069,928 $ 12,639,916 $ 12,876,006
FINANCIAL
DEPOSITS BY PRINCIPAL MARKET AREA - UNAUDITED
BOK FINANCIAL CORPORATION
(In thousands)
Quarter Ended
December 31, September June 30, March 31, December 31,
30,
2009 2009 2009 2009 2008
Oklahoma:
Demand $ 2,068,908 $ 1,895,980 $ 1,451,057 $ 1,651,111 $ 1,683,374
Interest-bearing:
Transaction 5,134,902 4,566,058 4,374,089 4,089,838 4,117,729
Savings 93,006 93,443 94,048 95,827 86,476
Time 1,397,240 1,765,980 2,033,312 2,876,313 3,104,933
Total 6,625,148 6,425,481 6,501,449 7,061,978 7,309,138
interest-bearing
Total Oklahoma 8,694,056 8,321,461 7,952,506 8,713,089 8,992,512
Texas:
Demand 1,108,401 1,138,794 1,002,266 1,021,424 1,067,456
Interest-bearing:
Transaction 1,748,319 1,716,460 1,660,642 1,527,399 1,460,576
Savings 35,129 35,724 33,992 33,867 32,071
Time 1,100,602 1,007,579 1,035,919 1,054,632 857,416
Total 2,884,050 2,759,763 2,730,553 2,615,898 2,350,063
interest-bearing
Total Texas 3,992,451 3,898,557 3,732,819 3,637,322 3,417,519
New Mexico:
Demand 209,090 216,330 175,033 180,308 155,345
Interest-bearing:
Transaction 444,247 424,528 434,498 401,000 397,382
Savings 17,563 18,039 18,255 17,858 16,289
Time 510,202 511,507 542,388 561,300 522,894
Total 972,012 954,074 995,141 980,158 936,565
interest-bearing
Total New Mexico 1,181,102 1,170,404 1,170,174 1,160,466 1,091,910
Arkansas:
Demand 21,526 19,077 17,261 16,503 16,293
Interest-bearing:
Transaction 50,879 85,061 73,972 63,924 38,566
Savings 1,346 1,131 1,031 1,100 1,083
Time 101,839 137,109 162,505 150,015 75,579
Total 154,064 223,301 237,508 215,039 115,228
interest-bearing
Total Arkansas 175,590 242,378 254,769 231,542 131,521
Colorado:
Demand 146,929 121,555 113,895 111,048 116,637
Interest-bearing:
Transaction 448,846 477,418 445,521 466,276 480,113
Savings 17,802 18,518 18,144 18,905 17,660
Time 525,844 520,906 579,709 584,971 532,475
Total 992,492 1,016,842 1,043,374 1,070,152 1,030,248
interest-bearing
Total Colorado 1,139,421 1,138,397 1,157,269 1,181,200 1,146,885
Arizona:
Demand 68,651 54,046 55,975 54,362 39,424
Interest-bearing:
Transaction 81,909 95,242 89,842 66,809 56,985
Savings 958 971 1,282 970 1,014
Time 60,768 56,809 59,775 54,923 34,290
Total 143,635 153,022 150,899 122,702 92,289
interest-bearing
Total Arizona 212,286 207,068 206,874 177,064 131,713
Kansas /
Missouri:
Demand 30,339 16,406 9,692 16,140 3,850
Interest-bearing:
Transaction 21,337 15,682 12,907 11,976 10,999
Savings 148 70 54 117 42
Time 71,498 84,923 158,325 141,505 55,656
Total 92,983 100,675 171,286 153,598 66,697
interest-bearing
Total Kansas / 123,322 117,081 180,978 169,738 70,547
Missouri
TOTAL BOK $ 15,518,228 $ 15,095,346 $ 14,655,389 $ 15,270,421 $ 14,982,607
FINANCIAL
NET INTEREST MARGIN TREND - UNAUDITED
BOK FINANCIAL CORPORATION
Quarter Ended
December 31, September June 30, March 31, December 31,
30,
2009 2009 2009 2009 2008
TAX-EQUIVALENT
ASSETS YIELDS
Trading securities 5.41 % 4.72 % 3.49 % 3.69 % 6.55 %
Funds sold and 0.21 % 0.11 % 0.19 % 0.24 % 0.76 %
resell agreements
Securities:
Taxable 3.83 % 4.18 % 4.50 % 4.90 % 5.12 %
Tax-exempt 5.16 % 5.03 % 5.69 % 6.64 % 6.43 %
Total securities 3.87 % 4.21 % 4.54 % 4.96 % 5.17 %
Total loans 4.70 % 4.67 % 4.64 % 4.56 % 5.27 %
Less Allowance for - - - - -
loan losses
Total loans, net 4.82 % 4.78 % 4.74 % 4.65 % 5.35 %
Total
tax-equivalent 4.42 % 4.54 % 4.65 % 4.75 % 5.28 %
yield on earning
assets
COST OF
INTEREST-BEARING
LIABILITIES
Interest-bearing
deposits:
Interest-bearing 0.57 % 0.65 % 0.78 % 0.95 % 1.51 %
transaction
Savings 0.47 % 0.48 % 0.25 % 0.28 % 0.37 %
Time 1.95 % 2.20 % 2.48 % 2.83 % 3.28 %
Total
interest-bearing 1.03 % 1.23 % 1.49 % 1.76 % 2.29 %
deposits
Funds purchased and
repurchase 0.30 % 0.32 % 0.35 % 0.45 % 0.94 %
agreements
Other borrowings 0.29 % 0.38 % 0.49 % 0.58 % 1.51 %
Subordinated debt 5.52 % 5.53 % 5.67 % 5.67 % 5.48 %
Total cost of
interest-bearing 0.94 % 1.09 % 1.31 % 1.50 % 2.02 %
liabilities
Tax-equivalent net
interest revenue 3.48 % 3.45 % 3.34 % 3.25 % 3.26 %
spread
Effect of
noninterest-bearing 0.16 % 0.18 % 0.21 % 0.22 % 0.31 %
funding sources and
other
Tax-equivalent net 3.64 % 3.63 % 3.55 % 3.47 % 3.57 %
interest margin
CREDIT QUALITY INDICATORS
BOK FINANCIAL CORPORATION
(In
thousands, Quarter Ended
except
ratios)
December 31, September June 30, March 31, December 31,
30,
2009 2009 2009 2009 2008
Nonperforming
assets:
Nonaccruing
loans (B):
Commercial $ 101,384 $ 128,266 $ 126,510 $ 128,501 $ 134,846
Commercial 204,924 212,418 189,586 175,487 137,279
real estate
Residential 29,989 38,220 35,860 34,182 27,387
mortgage
Consumer 3,058 3,897 1,037 1,065 561
Total
nonaccruing $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
loans
Renegotiated 15,906 17,426 17,479 13,623 13,039
loans (A)
Real estate
and other 129,034 89,507 75,243 61,383 29,179
repossessed
assets
Total
nonperforming $ 484,295 $ 489,734 $ 445,715 $ 414,241 $ 342,291
assets
Nonaccruing
loans by
principal
market (B):
Oklahoma $ 83,176 $ 112,610 $ 108,490 $ 105,536 $ 108,367
Texas 66,892 65,911 51,582 55,225 42,934
New Mexico 26,693 35,541 29,640 18,046 16,016
Arkansas 13,820 5,911 3,888 4,078 3,263
Colorado 60,082 50,432 45,794 38,567 32,415
Arizona 84,559 108,161 106,076 111,772 80,994
Kansas 4,133 4,235 7,523 6,011 16,084
Total
nonaccruing $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
loans
- - - - -
Nonaccruing
loans by loan
portfolio
sector (B):
Commercial:
Energy $ 22,692 $ 48,992 $ 53,842 $ 49,618 $ 49,364
Manufacturing 15,765 17,429 16,975 18,248 7,343
Wholesale / 12,057 7,623 10,983 8,650 18,773
retail
Agriculture 65 98 105 115 680
Services 30,926 30,094 24,713 30,226 36,873
Healthcare 13,103 13,758 14,222 14,288 12,118
Other 6,776 10,272 5,670 7,356 9,695
Total 101,384 128,266 126,510 128,501 134,846
commercial
Commercial
real estate:
Land
development 109,779 113,868 97,425 99,922 76,082
and
construction
Retail 26,236 22,254 17,474 9,893 15,625
Office 25,861 31,406 27,685 23,305 7,637
Multifamily 26,540 28,223 27,827 27,198 24,950
Industrial 279 527 527 575 6,287
Other
commercial 16,229 16,140 18,648 14,594 6,698
real estate
Total
commercial 204,924 212,418 189,586 175,487 137,279
real estate
Residential
mortgage:
Permanent 28,314 36,431 34,149 32,848 26,233
mortgage
Home equity 1,675 1,789 1,711 1,334 1,154
Total
residential 29,989 38,220 35,860 34,182 27,387
mortgage
Consumer 3,058 3,897 1,037 1,065 561
Total
nonaccruing $ 339,355 $ 382,801 $ 352,993 $ 339,235 $ 300,073
loans
- - - - -
Performing
loans 90 days $ 10,308 $ 24,238 $ 32,479 $ 46,123 $ 19,123
past due
Gross $ 37,974 $ 38,581 $ 37,409 $ 34,535 $ 35,681
charge-offs
Recoveries 2,950 2,594 2,472 2,664 2,022
Net $ 35,024 $ 35,987 $ 34,937 $ 31,871 $ 33,659
charge-offs
Provision for $ 48,620 $ 55,120 $ 47,120 $ 45,040 $ 73,001
credit losses
Reserve for
loan losses 2.59 % 2.42 % 2.18 % 1.99 % 1.81 %
to period end
loans
Combined
reserves for
credit losses 2.72 % 2.52 % 2.27 % 2.07 % 1.93 %
to period end
loans
Nonperforming
assets to
period end 4.24 % 4.19 % 3.67 % 3.26 % 2.65 %
loans and
repossessed
assets
Net
charge-offs
(annualized) 1.22 % 1.21 % 1.13 % 1.00 % 1.05 %
to average
loans
Reserve for
loan losses
to 86.07 % 73.38 % 74.59 % 73.99 % 77.73 %
nonaccruing
loans
Combined
reserves for
credit losses 90.31 % 76.51 % 77.55 % 77.11 % 82.78 %
to
nonaccruing
loans
(A) includes
residential
mortgage
loans
guaranteed by
agencies of
the U.S.
government.
These loans $ 12,799 $ 11,234 $ 11,079 $ 10,514 $ 10,396
have been
modified to
extend
payment terms
and/or reduce
interest
rates to
current
market.
(B) includes
loans subject
to First $ 4,311 $ 4,173 $ 8,305 $ 11,287 $ 13,181
United Bank
sellers
escrow
Source: BOK Financial Corporation
Contact: BOK Financial Corporation
Steven Nell, 918-588-6000
Chief Financial Officer
or
Jesse Boudiette, 918-588-6532
Corporate Communications Manager